Maximize Revenue Potential: A guide to improving collection efforts in the Public Sector
Tags: Consumer Credit Information, Government/Public Sector, Debt Recovery
Learn best practices for maximizing collections in the Public Sector. Experian, in cooperation with Governing Magazine, recently completed a nationwide survey of governmental agencies. The survey sought to determine the types of collection efforts in which governments engage and looked at areas where those entities face challenges to better collect. Experian's collection professionals then compared the government activities with commercial best practices to identify those processes underutilized in the public sector. This white paper presents those practices.
Five years of economic difficulty have taken a toll on the fiscal health of state, local and even federal government agencies. Declining tax revenues coupled with the reluctance of many jurisdictions to raise their tax rates and fees lie behind the revenue problem. Housing values have yet to recover in many areas, and the national unemployment rate remains stubbornly high, meaning significant new or higher rates of returns are hard to come by. In order to continue to deliver the services citizens expect and have paid for, government agencies responsible for growth can't afford to neglect any potential -- and politically low-risk -- sources of additional revenue streams. One important but only partially realized source of revenue comes from overdue obligations. Such obligations take on many forms and often receive varying degrees of attention based on the collection resources and processes that exist within respective agencies.